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POSITORY INSTITUTION, ARE NOT INSURED BY THE FEDERAL RESERVE BOARD OR ANY OTHER U.S. OR NON-U.S. GOVERNMENTAL AGENCY. INTERESTS ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND ARE NOT DEPOSITS, OBLIGATIONS OF, OR ENDORSED OR GUARANTEED IN ANY WAY, BY ANY BANKING ENTITY. INTERESTS ARE SUBJECT TO INVESTMENT RISKS, INCL
ctions, as well as in certain non-U.S. jurisdictions, in which the AlphaKeys Fund or the Underlying Fund conducts or is deemed to conduct business. Bank Holding Company Act Considerations The Member Designee is, for purposes of the BI-IC Act, a subsidiary of UBS AG, which is subject to supervision and regulation by the Federal Reserv
d and/or the Underlying Fund and the ability of the AlphaKeys Fund and/or the Underlying Fund to execute its investment strategy. The CFTC, the SEC, the Federal Deposit Insurance Corporation, other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies.
A" and "Certain Tax Matters Relating to the Master Partnership" in Part One of the Underlying Fund Memorandum and "TAX ASPECTS" in this Memorandum. Bank Holding Company Act Considerations. The Administrator is, for purposes of the BHC Act, a subsidiary of UBS AG, which is subject to supervision and regulation by the Federal Reserve.
d and/or the Underlying Fund and the ability of the AlphaKeys Fund and/or the Underlying Fund to execute its investment strategy. The CFTC, the SEC, the Federal Deposit Insurance Corporation, other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies.
A" and "Certain Tax Matters Relating to the Master Partnership" in Part One of the Underlying Fund Memorandum and "TAX ASPECTS" in this Memorandum. Bank Holding Company Act Considerations. The Administrator is, for purposes of the BHC Act, a subsidiary of UBS AG, which is subject to supervision and regulation by the Federal Reserve.
Entities connected to both FDIC and Bank Holding Company Act Considerations

the Internal Revenue Service
ORGANIZATION
Ghislaine Maxwell
PERSON
United States
LOCATION
Federal Reserve
ORGANIZATION
U.S. Treasury
ORGANIZATION
UBS AG
ORGANIZATIONthe District of Columbia
LOCATION
New York
LOCATIONCayman
LOCATIONthe Private Placement Memorandum
ORGANIZATION
Philadelphia
LOCATIONErnst & Young LLP
ORGANIZATION
Paul Volcker
PERSONthe Underlying Fund Management Fee
ORGANIZATIONthe New York Stock Exchange
ORGANIZATIONthe Investor Application
ORGANIZATIONAlphaKeys
ORGANIZATIONKeogh
ORGANIZATIONNo Assurance of Investment Return
ORGANIZATIONClasses of Interests
ORGANIZATION